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The policy-making structure of European regulatory networks and the domestic adoption of standards

Maggetti, Martino; Gilardi, Fabrizio (2011). The policy-making structure of European regulatory networks and the domestic adoption of standards. Journal of European Public Policy, 18(6):830-847.

Abstract

European regulatory networks (ERNs) constitute the main governance instrument for the informal co-ordination of public regulation at the European Union (EU) level. They are in charge of co-ordinating national regulators and ensuring the implementation of harmonized regulatory policies across the EU, while also offering sector-specific expertise to the Commission. To this aim, ERNs develop ‘best practices’ and benchmarking procedures in the form of standards, norms and guidelines to be adopted in member states. In this paper, we focus on the Committee of European Securities Regulators and examine the consequences of the policy-making structure of ERNs on the domestic adoption of standards. We find that the regulators of countries with larger financial industries tend to occupy more central positions in the network, especially among newer member states. In turn, network centrality is associated with a more prompt domestic adoption of standards.

Abstract

European regulatory networks (ERNs) constitute the main governance instrument for the informal co-ordination of public regulation at the European Union (EU) level. They are in charge of co-ordinating national regulators and ensuring the implementation of harmonized regulatory policies across the EU, while also offering sector-specific expertise to the Commission. To this aim, ERNs develop ‘best practices’ and benchmarking procedures in the form of standards, norms and guidelines to be adopted in member states. In this paper, we focus on the Committee of European Securities Regulators and examine the consequences of the policy-making structure of ERNs on the domestic adoption of standards. We find that the regulators of countries with larger financial industries tend to occupy more central positions in the network, especially among newer member states. In turn, network centrality is associated with a more prompt domestic adoption of standards.

This is an electronic version of an article published in Maggetti, M; Gilardi, F (2011). The policy-making structure of European regulatory networks and the domestic adoption of standards. Journal of European Public Policy, 18(6):830-847. Journal of European Public Policy is available online at http://www.tandfonline.com/doi/abs/10.1080/13501763.2011.593311

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